Re-mortgaging-going overseas-help!!!

kaz

itsakidsworld wrote:

Why not call into a local IFA and tell that all the plans you have. They will look at your situation and would be able to point you in the right direction.

Make sure they are independant though, as they will then be able to gain access to hundreds of products, as opposed to be tied to one bank with one product.

It sounds straight forward what you want to do and sounds easy enough to set up. Buy to let rates are very competative at the moment so you may find a lender who is the same or even better than what you have now.

Your situation changes completely if you let the house first and then re-mortgage as at the moment its your main and only home so you can almost do as you please. However, when the property becomes a buy-to-let, any additional cash taken from the equity has to be re-invested into another buy-to-let or you get taxed on what you have taken out. So re-mortgage first.

thanks a lot for the tip.
i never used any IFA before..would you know directory to find one?

missile

I would if >>>>


you had taken the trouble to thank me

regularsaver1

be careful on the loan to value - what does the additional £11k take you up to against the value of your property

you could approach your present lender and ask about consent to lease and borrowing at same time - be prepared thought as consent to lease can mean higher interest rates

kaz

the 11k will leave me with a difference of about 6 to 7k to to the remaining value of the house.i will have to explore the possibilities with my lender if that doesn't work out then i will have to appoache an IFA and look at the other options..